the other emerging economies are essential flat. singapore has relatively honest statistics tissues like other developed countries and oh, emerging economies. >> you've been quoted as saying that you are personally buying gold as well as gold stocks. when you look at the selloff across the board, across asset classes including gold, does that make you question the performance of this particular asset class given the market environment? >> yes, correct. technically commodities look horrible. in particular, also industrial commodities, precious metals also look bad. but some technical factors would suggest that we are approaching at least an intermediate low because the commercials which are essentially hedgers, they are people that produce gold and so continuously hedge at the present time they have an extremely low short exposure. in other words, basically they're accumulating gold. secondly, gold is close to $1300 compared to, say, $700 in 2008, the conditions in the mining industry are horrible. the exploration companies are runni